BGC Brokers Review
BGC Brokers is an institutional inter dealer broker inside BGC Group. It does not take retail clients, and its UK and US units both carry real regulatory fines on record.
Min Deposit
N/A
Spreads From
Not published, pricing is agreed directly between institutional counterparties
Max Leverage
Not applicable, this is not a retail leveraged trading provider
Platforms
Voice brokerage, Fenics electronic trading
Pros
- Authorised by the FCA in the UK under reference number 454814
- Registered with the SEC and a FINRA member since the late 1980s
- Holds a capital markets services licence from MAS in Singapore
- Part of Nasdaq listed BGC Group, which files public financial reports
- Covers a wide range of assets, including FX, rates, credit and energy
Cons
- Only serves banks, funds and institutions, not individual retail traders
- FCA fined it about 4.8 million pounds in 2022 for market abuse gaps
- CFTC fined it 15 million dollars in 2019 for faking FX option prices
- FINRA BrokerCheck lists 36 regulatory disclosure events for its US arm
- No public minimum deposit, spread, or leverage data for individuals
BGC Brokers began in 2004, when Cantor Fitzgerald split off its voice broking arm and named it BGC, after founder B. Gerald Cantor. It went public in 2008 through a merger with eSpeed. In 2023 its parent finished a corporate conversion and now trades on Nasdaq as BGC Group, Inc.
BGC Brokers connects banks, funds, and other institutions across FX, rates, credit, equities, energy, and commodities. It uses voice brokers and its own Fenics electronic platform. This is not a retail forex broker. Its UK terms say services are not offered to retail clients, with no sign up page or leverage table for individual traders.
The regulatory record is mixed. The FCA fined BGC Brokers LP about 4.8 million pounds in 2022 for weak market abuse detection. The CFTC fined BGC Financial 15 million dollars in 2019 for faking FX option prices, and FINRA fined it 200,000 dollars in 2023 over weak spoofing controls. FINRA BrokerCheck lists 36 regulatory events for the US entity.
Max Leverage
Not applicable, this is not a retail leveraged trading provider
Spreads From
Not published, pricing is agreed directly between institutional counterparties
Platforms
Regulators
- SEC
- FCA
- MAS
